Northside Piers PriceChop Update: Views to a Kill

1.

Nice use of the same picture from the price chop article to make it look like they cut prices again.

2.

Williamsburg? Who cares? Can we stop talking about Brooklyn already? Let those animals destroy themselves like the rest of the country.

From here on East 64th and Fifth, I can't see Williamsburg and I don't care about it.

3.

They still have another $300k to drop, before I would even bat an eye.

4.

Guess what, #2. Williamsburg gets covered not b/c anyone likes or dislikes hipsters or Brooklyn. Wburg gets covered because there is a friggin new construction explosion happening over there and Curbed is, omg, a NYC REAL ESTATE BLOG. Who knew!

5.

Chopped units were "mispriced from the beginning"

Oh well. I guess hindsight is 20/20. We'll see if they get it right this time. Somehow I doubt it.

6.

This post is worthless. I don't follow this building, so I don't know what the "misprices" were originally, or when they happened. I'd rather know the sale values of 4 different units over the last year, one per quarter. This would tell me a lot more than the crap posted above. How about the floor data at least, or the view by compass (NE corner, East facing, S, SW, SE, etc...)

7.

I think a building with this many units is overkill for Williamsburg right now. Throw in the high prices and boom, the shit sits on the market. Why pay $1m for a 2 bedroom when the same dough a couple L train stops over buys a 3 family....? I realize it's all about emotion--feeling in--but c'mon, that's a lot of cash for 4 walls. Even if the view is of the island...I lived right on N 8th and Kent for 3 yrs with a terrace and bedroom view of midtown south/midtown. Loved it, but it grew stale. It isn't worth the $$$ they are pitching.

8.

Typical "this isnt going to sell" thread. Its a building on the waterfront in a hot neighborhood. ITS GOING TO SELL! The building isnt complete yet, once people can get inside and see the units, the units will be gone. Thank god none of you half wits work in investments.

9.

While I agree with you to some extent #8, there is one slight issue with this building. The units are priced with the view, and 90% of the apartments will not have that view. There are other buildings to be built directly in front of it, and The Edge to be built to the north of it. I would either hold out for The Edge or for whatever is being built on the other side of Kent, at North 7th I believe it is. That will be a smaller building from what I heard. About 50 units or so. But, I do agree that waterfront property is generally a no brainer. There is only so much space along the water front, and it will increase in value over time.

10.

The data on the number of condo units built and expected future building is spot on... the deevelopers in wiliamsburg and brooklyn are in general worried about too much supply, a developing national recession and a coming signficant downturn in demand for new condos in NYC due to bonus cuts and job losses.

Since 9/11 downtown manhattan area alone there has been added 6,000 new apts in just the last 4 years and is on tract to add another 5,000 on top of that in the next few yrs.. That supply directly competes with Williamsburg for the same type of buyers. As the devlopers in williamsburg thought they could charge same as manhattan, but with all the added supply coming of condos/apts coming on line in Manhattan's downtown neighborhoods, with far more to offer buyers, why would buyers want williamsburg and its hords of druggie hipster kids, latinos and pols, odd assortment of residual drug gangs? There are still shootings and knifings in williamsburg that occur but the are thankfully kept out of limelight. The reality is that Williamsburg was overly hyped and developed with out the substance of infrastructure and a economics to support it. The City wanted and needs all the tax dollars off the sales and prop taxes to come. Its already treading backwards and that wlll accelerate as the recession develops.

That's all the stuff the developers won't say publically and ofcourse I can't either or I get booted for not sticking to the "marketing script".

11.

There will be 6,444 new condos units completed in Manhattan in 2007 vs the 1,614 that were completed in 2005 (a 400% increase) and in Brooklyn there will be 3,768 condo units created in 2007 vs the 480 built in 2005 - that's a 700% + increase in condo units built. Now can you take a guess where in fact that most of those BK units were built? huumm that's right in Williamsburg....and those numbers are completed units and DOES NOT TAKE INTO ACCT PLANNED FUTURE DEV PLANS FOR THOUSANDS OF MORE UNITS IN NORTHSIDE?SOUTHSIDE WILLIAMSBURG. ....

The developers are facing a growing glut of supply as they face a coming national recession and the real downturn in local NYC economy as the two biggest industries in NYC - Wall St and Media/Advertising will get hammered-- Wall St is loosing its Mortgage backed/CDO gravy train while being faced with its big fee income stream from LBOs and M&A drying up as well. Steeo bonus cuts and job losses to come on WS and hence the loss of the prospective condo buyers that the BK developers hope to sell. Similarly the media/adv industries are highly correlated to the economy and as it heads south so will these industries also adding to job cuts. Remember how dead Williamsburg was in 2001-2002 after the Dot com bust? People just left the City...This time it will be worse. WS and media /adv drives 70%+ of NYC, so just who will be the condo buyers when the 2 main industries of NYC are getting squashed in a recession that will be worse than the early 90s when RE in NYC in some parts dropped 30%? Humm? Foregin buyers? I think not, as even if dollar declining, declining RE values will scare them off...as well as the hurricane risks, the toxic risks and the terror risk....why pay big $$ for all that risk?

The Dirty Little Secret in Williamsburg is that there is an existing condo glut with more units on the way and an increasing public awareness of the risks of the neighborhood (toxic etc) and the grwoing risks to NYC itself as its a 2 pony economy and not as diverse as the City would spin it.

Can you say Williamsburg is a lead indicator for the NYC condo problem? and at these prices we aren't even talking the subprime and alt A problems.

12.

The so the Toll project looks like it will be the existing 180 units plus to be built another 400 units . Add im just the 2 other nerby planned somplexes-
the Edge complex to be built next door is est to be 1,000 plus units and that will be smaller in number than the huge Domino Sugar planned project and your already talking 3,000+ units in next couple years from those sources alone.

13.

I have to agree with the haters on this one. Aside from the fact that this building has no view on three sides, it's literally a mile from the subway. You cannot walk out the door and hail a cab. There is no parking.

How are the people who buy units supposed to get to work?

Sure, on a nice day it's not such a terrible walk to the L, even if you do have to wait 20 mintues and let three cars pass before you get a train that's not completely jammed. But what about in the snow?